A sort of sector rotation of layoffs, and it’s not a good sign, even as millions of lower-wage workers are being hired back (transcript of my podcast).
New York City, San Francisco, Honolulu are still down over 80% from a year ago in terms of “seated diners.” Then there is the “LN-shaped” recovery in Pittsburgh.
Incomes from wages, interest, and dividends sagged from pre-Pandemic era. But stuffed with stimulus, Americans broke records splurging on Goods, as spending on Services, the biggie, lagged far behind.
On one side: land rush by a few hundred thousand home buyers. On the other: millions of homeowners with delinquent mortgages. Here are the metros by FHA delinquency rate. Two exceed 27%.